Second stimulus check: how to calculate how much adults, kids and couples get
The IRS is already sending out the direct stimulus payments authorized by Congress and the President, how much can Americans expect to receive?
After months of negotiation and some last-minute presidential hesitation Americans are beginning to receive the coronavirus stimulus payments. Although there is talk of a possibly larger payment in the future, not every individual will receive a payment in the second round that got one in the first.
Due to the current negotiations for a larger payment, there is some confusion about exactly how much each person will get. Congress agreed in a $900 billion bipartisan bill to pay $600 to every eligible American earning up to $75,000. In addition, up to $600 for each qualifying child.
The payments will be sent out automatically and the process should go smoother this time. The IRS will follow the same payment method the used in the first round of payments whether it was direct deposit, a printed check or an EIP debit card.
#IRS is delivering a second round of Economic Impact Payments to millions of Americans. There’s no need for taxpayers to take any action, call the IRS or their financial institution. See https://t.co/VY0F1xzGPl #COVIDreliefIRS pic.twitter.com/ZE3TWzL52H— IRSnews (@IRSnews) January 4, 2021
How is the total amount calculated?
The IRS looks at several factors when calculating the amount for each payment, but in general it will depend on the adjusted gross income on their 2019 tax filing. Single individuals and heads of households can expect to receive $600 if they earn up to $75,000, a married couple can expect $1200 if they jointly earn up to $150,000. If that individual or couple has a dependent child 16 years of age or younger, they will receive $600 per child.
Individuals or couples earning above those amounts will see the amount of their check reduce by $5 for every $100 over these levels. An individual earning over $87,000, or married couple earning more than $174,000 will not receive a second stimulus check. Comparatively, those thresholds were $99,000 and $198,000 respectively under the CARES Act.
If you want to calculate how much you could receive in the second round of stimulus payments you can use the Omni Calculator.
What if my income in 2020 is under the threshold?
If you saw your income significantly affected by the economic crisis brought on by the covid-19 pandemic you will be able to apply for a Recovery Rebate Credit in your 2020 tax filing. To get more information you can check the IRS page Get My Payment.
How can I check the status of my payment?
Again by going to the Get My Payment website at the IRS you can check the status of your second stimulus payment.
If you missed the first stimulus payment you will be able to apply for the credit in your 2020 tax filing. If you didn’t receive the entire payment you were due you can also check the IRS’s Frequently Asked Questions at the IRS’s Economic Impact Payment Information Center regarding payments.
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